Gramercy Capital Corp. Announces Acquisitions of Industrial Properties in Dallas, TX and East Brunswick, NJ Totaling $22.4 Million
NEW YORK--(BUSINESS WIRE)-- Gramercy Capital Corp. (NYSE: GKK) announced today that it recently closed on two property acquisitions. The first is an approximately 342,000 square foot industrial building located in Garland, Texas, for a purchase price of approximately $10.70 million in an all-cash transaction. The building is 100% leased to a single tenant through 2032. The second is a 101 dock door truck terminal on a 16.25-acre site located two miles from I-95 in East Brunswick, New Jersey, for a purchase price of approximately $11.65 million in an all-cash transaction. The terminal is 100% leased to a single tenant through 2019.
Gramercy Capital Corp. is a self-managed, integrated commercial real estate investment and asset management company. The Company owns, directly or in joint venture, a portfolio of 113 office and industrial buildings totaling approximately 5.6 million square feet, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others. The Company's property management business, operating under the name Gramercy Asset Management, currently manages for third-parties, approximately $1.7 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The Company is headquartered in New York City and has regional offices in Jenkintown, Pennsylvania, and St. Louis, Missouri.
To review the Company's latest news releases and other corporate documents, please visit the Company's website at www.gkk.com or contact Investor Relations at 212-297-1000.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including implementation of the Company's new business strategy, integration of the new management team and those factors listed in the Company's Annual Report on Form 10-K and in the Company's Quarterly Reports on Form 10-Q. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.
Gramercy Capital Corp.
Jon W. Clark, 212-297-1000
Chief Financial Officer
Emily Pai, 212-297-1000
KEYWORDS: United States North America New Jersey New York Texas
The article Gramercy Capital Corp. Announces Acquisitions of Industrial Properties in Dallas, TX and East Brunswick, NJ Totaling $22.4 Million originally appeared on Fool.com.
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